Posts Tagged ‘startup visa act of 2010’

Startup Visa Bill Introduced in Senate Aims to Promote Global Entrepreneurs

Friday, April 30th, 2010

While the pro-immigration leadership in the Senate continues to seek bipartisan support for comprehensive immigration reform, just a couple of months ago Senate veterans John Kerry (D-MA) and Richard Lugar (R-IN) successfully drafted and introduced the Startup Visa Act of 2010, a bill aimed to create jobs in the U.S. while enhancing the United States’ position in the global economy. Specifically, the Act would allow foreign entrepreneurs looking to start businesses in the U.S to qualify for permanent residency on a conditional two-year basis if a sponsoring U.S. venture capitalist invests $250,000 in the immigrant’s startup company. After the conditional residency period, the foreign entrepreneur would need to demonstrate that the business generated at least five full time jobs in the U.S. and attracted a $1 million initial investment or reached revenues of $1 million in order to have the condition on residency removed. The new category would supplement and draw from existing visa numbers under the current, yet underutilized EB-5 employment creation (fifth preference) category for alien entrepreneurs.

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